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Shasta Lake homeowners 62 and older are sitting on real equity. A reverse mortgage turns that equity into cash — no monthly payment required.
Northern California home values have given many long-term owners significant equity. That's the asset a reverse mortgage is built around.
62 years old
Minimum Age
None required
Monthly Payment
HECM (FHA-backed)
Loan Type
Significant equity
Equity Requirement
Required before close
HUD Counseling
Reverse Mortgages in Shasta Lake
You must be 62 or older. The home must be your primary residence — not a rental or vacation property.
You still pay property taxes, homeowner's insurance, and maintenance. Skipping those can trigger default.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Shasta Lake.
Shasta Lake homeowners 62 and older are sitting on real equity. A reverse mortgage turns that equity into cash — no monthly payment required.
Northern California home values have given many long-term owners significant equity. That's the asset a reverse mortgage is built around.
You must be 62 or older. The home must be your primary residence — not a rental or vacation property.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by the FHA. That federal backing matters for borrower protections.
Not every lender offers HECMs. We work with wholesale lenders who do, and we compare terms so you aren't locked into the first offer you see.
HUD requires independent counseling before you close a HECM. Don't skip it — counselors catch issues lenders won't flag.
Spouses under 62 can stay on title as an eligible non-borrowing spouse. Structure this wrong and a younger spouse could lose the home.
A HELOC gives you a credit line too, but requires monthly payments and income verification. A reverse mortgage skips both.
Home equity loans are lump-sum and payment-required. If cash flow is the issue, a reverse mortgage solves it differently.
Shasta Lake is a smaller market. FHA appraisals here can be conservative — your equity position affects how much you can pull out.
Many Shasta Lake homeowners have lived in their homes for decades. Long-term ownership means stronger equity, which is exactly what this program rewards.
Yes. You keep title. The lender places a lien, but you remain the owner as long as you meet program requirements.
The loan becomes due. Heirs can repay the balance or sell the home. They keep any remaining equity after payoff.
Yes — but the reverse mortgage must pay off your existing loan first. Remaining funds go to you.
It depends on your age, home value, and current interest rates. Older borrowers with more equity qualify for larger amounts. Rates vary by borrower profile and market conditions.
You must complete a session with an approved HUD counselor before closing. It's required by law — not optional.
Generally no — loan proceeds are not considered income. Consult a tax advisor for your specific situation.